1)WHAT ARE THE TARGET MARKET APPROACHES?
2)GIVE A MARKET PLAN EXAMPLE(answer should be for 3-4 pages)
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The target of every market is to gain profit by selling more.
Eg-if a shopkeeper buys a pen for Rs 5 he would sell it for Rs10 to gain profit.the producer also firstly watches the demsnd of good (eg-if 40 people want ice-cream and 35 want coa cola ) the producer will do the production of ice-cream because he khows that his sale of ice cream will be more than coa cola
Eg-if a shopkeeper buys a pen for Rs 5 he would sell it for Rs10 to gain profit.the producer also firstly watches the demsnd of good (eg-if 40 people want ice-cream and 35 want coa cola ) the producer will do the production of ice-cream because he khows that his sale of ice cream will be more than coa cola
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The target market approaches are on the basis of demographics which comprises of Age, Income, Marital Status, Education, Family Size, Gener, Location, Social Status and Occupation.
Then there is another category known as psychographics: In which is the market or the people are targeted on the basis of Brand Preference, Price Sensitivity, Conservative/ Liberal, Hobbies, Lifestyle, Buying based on the Trends, Relationship Importance.
Behavioral approach is another type which is based on the history of the buyer that what buyer bought in the past and where they shopped from, how much internet usage they have and how much impulsiveness is there in the behavior of the consumer.
Then lastly there is an environmental approach which is based on the country of residence, Political Climate, Currency, Payment Methods, and the Languages spoken.
And the marketing plan can be made on the basis of following points:
Executive Summary
Mission Statement
Standards Of Performance
Core Competencies
Situation Analysis (SWOT)
Core Buyer PersonaTarget Market
The 4 Ps of Marketing
Pricing Strategy
Ongoing Marketing Efforts
Budgeting
Then there is another category known as psychographics: In which is the market or the people are targeted on the basis of Brand Preference, Price Sensitivity, Conservative/ Liberal, Hobbies, Lifestyle, Buying based on the Trends, Relationship Importance.
Behavioral approach is another type which is based on the history of the buyer that what buyer bought in the past and where they shopped from, how much internet usage they have and how much impulsiveness is there in the behavior of the consumer.
Then lastly there is an environmental approach which is based on the country of residence, Political Climate, Currency, Payment Methods, and the Languages spoken.
And the marketing plan can be made on the basis of following points:
Executive Summary
Mission Statement
Standards Of Performance
Core Competencies
Situation Analysis (SWOT)
Core Buyer PersonaTarget Market
The 4 Ps of Marketing
Pricing Strategy
Ongoing Marketing Efforts
Budgeting
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